（来源：数局） 2025年中国3C数码产品市场规模预计达到194亿美元, 趋势向好。 成熟品类中，手机、笔记本电脑增势稳固, 其中Al相关技术/品类有一定的带动作用; 新趋品类中, 智能穿戴、XR设备、运动相机等增速亮眼。 规模(亿美元) - 腾讯 7% 7% 65 6% 5% 4% 194 182 172 161 153 137 2018 2019 2020 2021 2022 2023 2024 2025e 业全景扫描与趋势洞察 大盘扫描: 3C行业趋势向好, 成熟+新兴品类共同驱动增长 中国3C数码产品市场规模与增速 2025年3C数码趋势品类 品类结构;成熟品共稳盘 + 新趋品类破局 的双轨格局 中国3C数码产品市场规模与融通数据来源于中金省询;成熟品类与趋势品型数据来源于艾瑞大数据平台 4 3 成熟晶奘: 2025年1-11月,作为3C基本盘的手机、笔记本电脑分别实现成交 额同比15%、2%的增长，其中Al手机、Al PC的产品升级与需求释放，进一步 夯实了3C大盘规模根基。 新疆晶共:2025年1-11月,智能穿戴(智能手表、头戴式耳机等)成交颜同比 . 增长612%、运动相机成交额同比增长171 ...

证券日报网讯12月24日，领益智造（002600）在互动平台回答投资者提问时表示，公司凭借精准的战略 布局、高效的管理体系以及敏锐的市场洞察力，营运能力和业务能力积极向好。公司坚持多品类、多地 区协同发展的国际化发展战略。随着全球AI技术在各领域快速落地，公司精准卡位硬件关键节点， 在"人"-人形机器人、"眼"-AI眼镜及XR设备、"折"-折叠屏设备、"服"-服务器等战略聚焦的四大新兴应 用领域形成多赛道协同优势，构建起多场景的增长格局。公司相信自身在以上几大领域的管理理念和制 造能力相通，可实现跨产品、跨应用的模组化、可复用性与可扩展性，通过深度融合材料创新应用、工 艺前沿开发与多元化应用场景，公司形成了全面的体系，充分调动资源，提供前瞻及在多场景复制的解 决方案能力。 ...

上交所官网12月17日公告显示，上市委定于12月24日审议 视涯科技股份有限公司 （简称"视涯科技"）的首发申请。 作为全球领先的微显示一体化解决方案提 供商，视涯科技以硅基OLED微型显示屏为核心，协同战略产品开发、光学系统及XR整体解决方案，其IPO进程不仅关乎企业自身资本化突破，更承载着推动 XR核心硬件国产替代攻坚的重要使命。 一、前瞻布局卡位赛道，国产替代破局海外垄断 1、XR加速崛起：从"平面交互"到"空间交互"的革命 XR即扩展现实，是整合虚拟现实（VR）、增强现实（AR）与混合现实（MR）的沉浸式技术，本质是打破虚拟与现实的边界，让用户 通过穿戴设备实现虚实 共生的交互体验 。不同于智能手机的平面触控交互，XR设备以空间感知和自然交互为核心，能承载AI时代的多模态信息处理需求，例如在办公场景中实现3D 虚拟桌面，在工业场景中通过AR眼镜实时显示设备参数，或在消费场景中提供身临其境的游戏与观影体验。 图片来源：视涯科技官网 科技巨头的布局已印证这一趋势：苹果、Meta、华为等企业近年来均在该领域持续加码，推动产业链生态快速壮大，使XR设备成为智能手机之后的新一代计 算终端。 在这一技术浪潮中，硅 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released a draft for public consultation on the "Guidelines for the Construction of a Comprehensive Standardization System for the Metaverse Industry (2026 Edition)", aiming to establish a standard system to support the innovative development of the metaverse industry by 2028 [1][2]. Summary by Sections Industry Overview - The metaverse is described as an immersive interconnected space that integrates digital and physical worlds, characterized by high immersion, real-time continuity, autonomous creation, and open interconnectivity. It plays a crucial role in promoting the high-end, intelligent, and green transformation of the manufacturing industry and improving the modern industrial system [9]. Overall Requirements - By 2028, the goal is to formulate over 20 national and industry standards to establish a foundational standard system for the metaverse industry. By 2030, this number is expected to exceed 50, with a focus on key standards that support high-quality future industrial development and promote the globalization of the metaverse industry [3][11]. Construction Ideas - The metaverse industry standard system will consist of six parts: 1. Basic Standards 2. Supporting Capability Standards 3. General Service Standards 4. Application Standards 5. Development and Operation Standards 6. Security and Governance Standards [10][11]. Construction Content - **Basic Standards**: Include terminology and definitions, reference architecture, classification and identification, management, and testing and evaluation standards [4][17]. - **Supporting Capability Standards**: Focus on infrastructure and enabling technologies, including standards for intelligent terminals, new networks, computing power, trusted storage, and data [5][19]. - **General Service Standards**: Cover standards for digital entities, digital identities, digital content, digital assets, digital scenes, and digital-physical interaction [6][20]. - **Application Standards**: Specify requirements for the application of the metaverse in various fields such as industry, culture and tourism, broadcasting, education, social interaction, healthcare, commerce, emergency response, sports, and urban management [6][21][22]. - **Development and Operation Standards**: Include standards for design and development, system integration, and service operation [6][23]. - **Security and Governance Standards**: Address security requirements throughout the lifecycle of technologies, products, systems, applications, and services, as well as compliance requirements [6][24]. Safeguard Measures - Emphasize the need for coordinated efforts to establish a standardization technical organization in the metaverse field, involving various stakeholders from industry, academia, and research to collaboratively advance standard formulation. It also highlights the importance of international cooperation to participate in global standardization activities [25].

明日主题前瞻 1、光伏 | 据证券时报12月9日报道，有消息称，"多晶硅产能整合收购平台"正式成立，公司名称为北京光和谦成科技有限责任公司，注册资本30亿元，成立 日期为2025年12月9日，住所在北京市朝阳区。据了解，光和谦成的主要业务是为行业内主要企业探索潜在战略合作机会，如技术升级，市场拓展，产能与 成本优化等。就该公司是否为"多晶硅产能整合收购平台"主体，多晶硅业内人士并未直接回应。 点评：中泰证券认为，自2025年中以来，反内卷进展迅速，产业链价格已取得显著回暖，从上市公司报表层面已取得显著减亏后续随着行业自律行为稳步推 进，预计光伏行业整个产业链产出有望得到控制，产品价格和利润情况有望扭亏为盈。 2、大消费 | 全国零售业创新发展大会9日至10日在北京举行，据新华网报道，商务部副部长盛秋平表示，"十五五"时期，要把零售业作为培育完整内需体 系，做强国内大循环的关键着力点，推动行业转向品质驱动，服务驱动，实现高质量发展。当前零售业在网点布局，供需适配，线上线下平衡等方面还需进 一步加强。要更加注重下沉市场，发展新业态新模式新场景，激发消费潜力。 点评：东方财富证券认为，未来10年，随着我国经济的快速 ...

Group 1 - A-shares experienced a collective decline on November 14, with the Shanghai Composite Index dropping by 0.15% during intraday trading [1] - The sectors showing gains included oil and petrochemicals, textiles and apparel, and real estate, while electronics and communications faced significant declines [1] - The Consumer Electronics ETF (159732.SZ) fell by 1.84%, with mixed performances among its constituent stocks, such as Heheta rising by 6.75% and Transsion Holdings increasing by 1.26%, while Baiwei Storage and Zhaoyi Innovation saw declines of -12.00% and -7.89% respectively [1] Group 2 - According to Loto Technology, the retail volume of smart glasses in China is expected to approach 1.4 million units by 2025, representing a year-on-year increase of 216% [3] - The XR device market, which includes VR, MR, and AR, is projected to reach a retail volume of 646,000 units in the same year, reflecting a year-on-year growth of 20.6% [3] - Shanghai Securities indicated that AI glasses are expected to see a continuous increase in penetration, driven by ongoing innovations in AI technology, which will promote significant growth in edge AI products [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index and primarily invests in 50 A-share listed companies involved in the consumer electronics industry, focusing on high-attention sectors such as electronic manufacturing and optical optoelectronics [3]

Group 1 - A-shares experienced a collective decline on November 14, with the Shanghai Composite Index dropping by 0.15% during intraday trading [1] - The sectors showing gains included oil and petrochemicals, textiles and apparel, and real estate, while electronics and communications faced the largest declines [1] - The Consumer Electronics ETF (159732.SZ) fell by 1.84%, with notable performances from companies like Heatail (002402) up by 6.75%, Transsion Holdings up by 1.26%, and O-film (002456) up by 1.07% [1] - Conversely, companies such as Baiwei Storage and Zhaoyi Innovation (603986) performed poorly, with declines of 12.00% and 7.89% respectively [1] Group 2 - According to Loto Technology, the retail volume of smart glasses in China is expected to approach 1.4 million units by 2025, representing a year-on-year increase of 216% [1] - For XR devices (including VR/MR/AR), the total retail volume is projected to reach 646,000 units for the year, reflecting a year-on-year growth of 20.6% [1] - Shanghai Securities indicated that AI glasses, as a significant carrier of edge AI, are expected to see a continuous increase in penetration rate, driven by ongoing innovations in AI technology [1]

Core Points - The 8th China International Import Expo (CIIE) is being held in Shanghai from November 5 to 10, showcasing a record scale and serving as a platform for high-level opening and global cooperation [2][15] - China has become the world's second-largest consumer and import market, emphasizing its commitment to high-level opening and market expansion [3][8] - The CIIE aims to provide new opportunities for global cooperation and economic growth, enhancing China's role as a major market for international trade [4][38] Group 1: Event Overview - The CIIE features participation from 155 countries, regions, and international organizations, with over 4,108 foreign enterprises exhibiting across an exhibition area exceeding 430,000 square meters [15] - The event includes 290 Fortune 500 companies and industry leaders, with approximately 450,000 registered attendees [15] - The expo has seen a significant increase in participation from developing countries, with a 23.1% rise in exhibitors from Belt and Road Initiative countries [42] Group 2: Economic Impact - The CIIE serves as a platform for international procurement, investment promotion, cultural exchange, and open cooperation, injecting confidence and momentum into the global economy [13][38] - The event has facilitated the participation of 170 companies and 27 institutions as "full attendance" exhibitors over the past eight years, reflecting China's commitment to high-level opening [17] - The expo has also created opportunities for small and medium-sized enterprises (SMEs) to enter the Chinese market through initiatives like the "cross-border e-commerce selection platform" [44] Group 3: Innovation and Technology - The CIIE is recognized as a global launchpad for new products and technologies, with 461 new products, technologies, and services showcased, including advancements in low-altitude economy and artificial intelligence [29][31] - The event features a dedicated innovation incubation area aimed at helping global startups explore the Chinese market [33] - Notable technological exhibits include electric vertical takeoff and landing aircraft and humanoid robots, highlighting the diverse future of mobility and innovation [35][37] Group 4: Cultural Exchange - The CIIE not only serves as a trade platform but also as a venue for cultural and ideological exchange, exemplified by events like the dual-city exhibition between Chongqing and Düsseldorf [23] - The expo has expanded its focus on sustainable development, particularly for global southern countries, promoting inclusive growth and resilience [40][42] - The event has also provided a space for showcasing cultural products, such as Ethiopian coffee, enhancing cultural ties between participating nations [42]

Core Insights - The integration of XR technology in Xiamen is revolutionizing immersive experiences in tourism and education, with multiple projects like "Earth Dream," "Piano Island Adventure," and "Qin Tide Awakening" enhancing consumer engagement and cultural appreciation [3][4][5] Group 1: XR Projects Overview - "Earth Dream" by Ant Worker is a leading XR project in Xiamen, featuring over ten experience stores that allow visitors to interact with nature through immersive environments [3] - "Piano Island Adventure" reimagines Gulangyu Island's cultural heritage using XR technology, transforming traditional sightseeing into deep immersive experiences [4] - "Qin Tide Awakening" focuses on the Qin Dynasty, allowing participants to engage with historical events through XR, appealing particularly to younger audiences [5] Group 2: Economic Impact - The proliferation of XR projects in Xiamen signifies a significant upgrade in the city's digital economy, enhancing foot traffic in commercial complexes and boosting off-peak tourism [5] - Xiamen has attracted over ten XR-related companies, establishing a complete industry chain from content creation to scene implementation, with expectations of rapid market growth in the next three years [5] Group 3: Government Support and Future Outlook - The Xiamen Cultural and Tourism Bureau plans to optimize the digital tourism ecosystem and introduce supportive policies to encourage XR technology development and content innovation [5] - The ongoing development of XR projects positions Xiamen as a leading destination for immersive consumer experiences, blending technology with cultural narratives [5]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Views - The report emphasizes the long-term growth potential of the global AI smart terminal market and the opportunities within the Chinese supply chain, driven by increasing innovation in edge AI products [4][14] - The Shanghai Municipal Economic and Information Commission has issued a plan to enhance the layout of edge AI chips, which is expected to accelerate the development of the industry [13][14] - The global edge AI market is projected to grow significantly, with a forecasted increase from 321.9 billion to 1.22 trillion yuan from 2025 to 2029, representing a compound annual growth rate of 40% [5][15] Summary by Sections 1. Policy Support for Edge AI - The Shanghai Municipal Economic and Information Commission has released a plan to strengthen the layout of edge AI chips, focusing on various terminal products such as smartphones and computers [13] - The plan aims to accelerate the development of core chips like SoC and CPU, covering major technology routes including X86, ARM, and RISC-V [13][14] - The report highlights the supportive national policies for AI development, including the goal for new generation smart terminals to achieve over 70% penetration by 2027 [14] 2. Market Potential of Edge AI - The edge AI market is expected to experience explosive growth, with a projected market size increase from 321.9 billion yuan to 1.22 trillion yuan between 2025 and 2029 [5][15] - AI glasses are identified as a key product in the edge AI sector, with global sales expected to rise significantly, reaching 600 million units by 2029 [6][16] - The report notes that domestic sales of smart glasses in China are anticipated to approach 1.4 million units in 2025, marking a 216% year-on-year increase [6][16] 3. Redefining Smart Terminals with AI - The report discusses the transformation of smart terminals through AI, moving from graphical user interfaces (GUI) to language user interfaces (LUI), enhancing user interaction [9][17] - It highlights a paradigm shift from "tool execution" to "autonomous execution" with the emergence of AI agents capable of independent decision-making [18] - The ecological transformation is noted, where companies are creating interconnected ecosystems that span multiple devices and applications [19] 4. Investment Recommendations - The report suggests focusing on companies such as Luxshare Precision, Lens Technology, and Goertek, among others, as potential investment opportunities in the AI smart terminal sector [8]